The lease is for space in the Crescent Building, a class A building with two floors of retail, five floors of office space and skywalks connecting to neighboring buildings on all four sides. Other tenants in the building include Travelers Insurance, Bonneville Power Administration, the US Postal Service's regional offices and XO Communications.
"The proximity of the Crescent Building will enable us to grow contiguously with our existing office space," says Heidi Stanley, Sterling's COO and vice chairman. "It's also attractive in that we'll be able to continue to provide our employees with access to downtown conveniences and attractions."
Located at 707 W. Main, the Crescent Building is owned by WestCoast Hospitality LP, a locally based public company better known for its chain of hotels than its other commercial real estate, which is managed by its real estate division, G&B Real Estate Services. The Sterling lease, for a portion of the fourth and fifth floors of the building as well as some below-grade space, brings occupancy of the Crescent Building to back up to 96%.
Sterling Financial is a unitary savings and loan holding company that owns Sterling Savings bank. Its expansion needs are related to its merger with Klamath First Bancorp, Inc., of Klamath Falls, OR. Sterling will initially be adding approximately 100 employees to its local workforce to accommodate the growth of the company.
G&B Real Estate Services owns and manages of approximately 590,000 sf of leasable office and retail space located in Spokane and Kalispell, Montana, and is the third-party management and/or leasing agent for another 3.4 million sf of retail and office properties. As well, it owns or manages upward of 2,700 residential units in the Northwest.
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